Friday, May 05, 2017

Adam throws a tantrum

Adam Creighton, being of a libertarian mind, cannot bring himself to support the idea that banks or investors should base decisions on taking the largest environmental issue the world has seen into account.   Libertarians are stupid this way - either they are greedy rich grubs who spend part of their squillions protecting their income by ridiculing the idea that there is any problem with CO2 at all (see Koch brothers), or even if they do believe that climate change is real and that the precautionary principle means there should be action against it, they can't be bothered being concerned about nothing much being done about it (because "big government", or "I hate Hillary Clinton," or something..see Nassim Taleb.)   And if it's a matter of it taking harm to a mining company to help ensure coal burning stops adding to CO2 - well of course that's offensive, because "you're stopping someone making money".

Hence Adam spends his time criticising Westpac today, because it said it won't finance Adani.

Given that it seems most economists think that Australian banks are relatively well placed financially, I am not at all confident that Adam's criticises are accurate or fair.   Some of his criticisms are obviously ideological, and I would need someone with a better understanding of banking systems and regulation to parse it before I trusted his assessment.

1 comment:

not trampis said...

Why do you read this bloke or the paper for that matter